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Why is the FSA backtracking on recent promises?

The FSA (Financial Services Authority) has today confirmed that regulations which were to be introduced in November to control remuneration and bonus packages in the financial services industry have been delayed until 1 January 2010. In a definite sign that the regulators are backtracking on recent promises and watering down new rules and regulations, many people are asking why after such vocal support from the UK government the authorities are now backing down?

The truth is that the UK government has also backtracked on various promises regarding the UK financial services industry and the power this area of industry holds over the UK economy. On one hand the government had been encouraging the FSA to introduce regulations to control bonuses and remuneration packages while on the other hand the government had indirectly rubberstamped significant bonus payments by Royal Bank of Scotland and Lloyds bank, both companies in which UK taxpayers have a significant interest.

The last few days have seen something of a fall-out between the FSA and the UK government regarding future control of bonuses and remuneration packages which will scupper any hopes of containing and controlling the financial services industry in the future.

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